WASHINGTON (dpa-AFX) - Crude oil prices rallied strongly on Monday despite a larger-than-expected output cut by OPEC+. Both Brent and WTI crude oil benchmarks reversed early losses suffered in the aftermath of the output cut in the backdrop of a tight physical market.
A firm dollar also could not halt the rebound in crude oil prices. The Dollar Index which measures the U.S. Dollar's strength against a basket of 6 currencies is currently at 97.38 versus 97.18 at close on Friday.
Brent Oil Futures for September settlement is currently trading at $68.74, having gained 0.64 percent from the previous close of $68.30. The day's trading ranged between $68.85 and $67.33 whereas the 52-week trading range was between $58.4 and $86.92.
Brent has gained 1.6 percent over the past week and 3.4 percent over the past month. However, Brent oil is currently down close to 35.8 percent from the levels three years ago. Year-to-date losses are also close to 8 percent.
West Texas Intermediate (WTI) Crude Oil Futures for August rallied 0.81 percent from the previous close of $66.50 to trade at $67.04. Prices ranged between a high of $67.18 and a low of $65.55 in the day's trading. Trading has ranged between $55.12 and $82.50 over the past 52 weeks.
Gains are at 2.9 percent in the past week and 3.8 percent in the past month. Prices are currently 34 percent below the levels three years ago. Year-to-date losses are also close to 6 percent.
Copyright(c) 2025 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2025 AFX News
